Established in 2001, Al Mulla Exchange has added value to the corporate image of “Al Mulla Group” in the fast growing financial services sector. Al Mulla Exchange was among the 10 Exchange houses nominated globally for the “Brand Excellence Award- 2008” by Western Union within 2 years of operation and was the only Exchange Company in the whole of Middle East to be selected for such a nomination. Our network spans over the globe covering 35 countries and 55 banks. Currently with a network of 54 Branches in the state of Kuwait, and a paid up capital of KD 11 million, Al Mulla International Excha... View
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Established in 2001, Al Mulla Exchange has added value to the corporate image of “Al Mulla Group” in the fast growing financial services sector. Al Mulla Exchange was among the 10 Exchange houses nominated globally for the “Brand Excellence Award- 2008” by Western Union within 2 years of operation and was the only Exchange Company in the whole of Middle East to be selected for such a nomination. Our network spans over the globe covering 35 countries and 55 banks. Currently with a network of 54 Branches in the state of Kuwait, and a paid up capital of KD 11 million, Al Mulla International Exchange (AMX) has emerged as the fastest growing Exchange company in Kuwait.
When Al Mulla International Exchange Company (AMIEC) entered the money remittance business in 2001, the industry, the practice for transferring money was only through a slow, time-intensive and paper-based, demand draft process. By introducing Electronic File Transfer (EFT) service and following that up by offering Real Time Gross Settlement (RTGS) through the National Electronic Fund Transfer (NEFT) system, AMIEC was able to transform the money remittance landscape in Kuwait. EFT service uploaded transaction files on the same day that funds were received and allowed recipients to withdraw remitted amounts the very next day.
The EFT process was speeded up in 2006, when AMIEC introduced RTGS combined with NEFT. The new service enabled direct crediting of any bank in India, thereby allowing anyone to avail of this fast and secure electronic remittance service. The company was also instrumental in popularizing in Kuwait, the use of SMS to acknowledge delivery of remittance. In 2010, AMIEC introduced the latest server-to-server technology that enabled virtual real-time remittance, eliminating any shortcomings of the EFT model and nearly removing all delays and errors associated with manual, paper-based, demand draft processes. The systems were all implemented for all the major Expatriate home countries, viz., Egypt, Bangladesh, Sri Lanka, Philippines and Pakistan.
Al Mulla Exchange has always strived to bring to the customer the latest technological advancements in global money transfer solutions combined with consistency and accuracy. AMX continuously works with its Correspondent Banks and Service Providers to enhance systems, which enable not just faster, accurate and consistent money transfer, but also online flow of information to the customer, thereby removing the mental stress associated with transfers traditionally.